Press release
Refractories Global Market Analysis, Trends, Growth, Research And Forecast 2033
Refractories Global Market
The Business Research Company offers in-depth market insights through Refractories Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The refractories market size has grown steadily in recent years. It will grow from $27.64 billion in 2023 to $28.83 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to industrial revolution and steel production, growth in iron and steel industries, development of cement and glass industries, expansion of non-ferrous metal production, chemical and petrochemical industries demand.
The refractories market size is expected to see steady growth in the next few years. It will grow to $33.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to rise in infrastructure development, innovations in refractory design and application techniques, market penetration in emerging economies, adoption of high-temperature materials, shift towards sustainable refractories. Major trends in the forecast period include demand in steel industry, growth in cement production, rise in non-ferrous metals production, technological advancements in refractory materials, market expansion in developing economies.
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Market Segmentation:
The refractories market covered in this report is segmented -
1) By Form: Shaped Refractories, Unshaped Refractories
2) By Alkalinity: Acidic And Neutral, Basic
3) By Refractory Mineral: Bauxite, Alumina, Kaolin, Magnesia, Graphite, Zircon
4) By End-Use Industry: Iron And Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, Other End-Users
Major Driver - Refractories Market Surges On The Back Of Soaring Demand For Iron And Steel
Growing demand for iron and steel is driving the refractories market. The demand for iron and steel is growing due to expanded infrastructure building and the growing car and railway industries. The rising demand for energy-efficient steel-making techniques for refractories is estimated to grow. Refractories are crucial lining materials for furnace working interfaces and backup zones during iron and steel manufacturing. According to India Brand Equity Foundation (IBEF), steel consumption is predicted to rise by 17% to 110 million tons in FY22, owing to increased construction activity. Therefore, the increasing demand for steel and iron drives the market for refractories.
Competitive Landscape:
Major companies operating in the refractories market report are Saint-Gobain SA, Kyocera, AGC Group, Murata Manufacturing, Corning Incorporated, The NSG Group, Imerys, RHI Magnesita GmbH, Vesuvius, Minerals Technologies Inc., Shinagawa Refractories Co Ltd., Morgan Advanced Materials, Calderys, CoorsTek, Puyang Refractories Group Co Ltd., Harbisonwalker International, Dalmia-OCL, Resco Products Inc., Intocast AG, Allied Mineral Products, Zircar Refractories Ltd., Chosun Refractories, Schott AG, Magnezit Group, IFGL Refractories Ltd., Krosaki Harima Corporation, Orient Refractories Limited, Refratechnik, Refractarios Alfran, A.P. Green Industries Inc.
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Top Trend - Companies Pave The Way With Advanced Refractory Metal Powders For Additive Manufacturing
Major companies in the refractories market are focusing on product innovation, such as refractory metal powders for additive manufacturing. Refractory metals are a group of metallic elements that have exceptionally high melting points and are resistant to wear and corrosion. For instance, in September 2021, 6K Additive, a US-based advanced material company, launched refractory metal powders for additive manufacturing, targeting high-value materials such as tungsten, rhenium, tungsten or rhenium, and niobium-based powders. Refractory metals, such as tungsten and rhenium, are excellent candidates for additive manufacturing due to their high melting points. These materials are sought after for high-temperature, high-strength applications in various industries, including aerospace, defense, and medical.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Refractories Market Characteristics
3. Refractories Market Trends And Strategies
4. Refractories Market - Macro Economic Scenario
5. Refractories Market Size And Growth
…..
27. Refractories Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Market Insights
Refractories market is estimated to grow at the growth rate of 4.13% for the forecast period of 2020 to 2027. Demand for electrical, automotive, aerospace, glass, cement industries will drive the growth of the market.
Refractories are heat resistant than other metals, they are used for lining hot surfaces and found inside many industrial processes. They are available in different shapes and sizes, are pressed, molded or produced in interlocking…
